Deficit Resolution of Restricted Funds Administrative Policy
Policy
Overspending and collectability issues (i.e. circumstances under which costs incurred by a project are not reimbursed by the sponsor) arise periodically and this policy addresses the process for resolution of the resulting deficits based on the situation.
As a recipient of federal, state, and privately sponsored grants and contracts, the University is required to comply with all policies and regulations set forth by the federal and state government and private sponsors, including compliance with the Office of Management and Budget (OMB) Uniform Guidance (UG). OMB UG identified the cost principles, audit, and administrative requirements for sponsored projects. All University faculty, staff, and students who are responsible for administering sponsored grants should be familiar with these principles as well as other requirements of a granting agency or authority to mitigate risk associated with noncompliance.
Related Procedures
- There are no related procedures.
Related Forms
- There are no related forms.